FOMC meeting starts on Tuesday

July 30, 2013

FOMC meeting starts on Tuesday and its results will be announced on Wednesday. Meanwhile, the dollar was traded quietly on Monday with a slight growth against almost all major currencies except the yen. Further growth was prevented by rather weaker housing market data. Although Pending Home Sales dropped less than expected – previous month data were revised downwards.  

According to the National Association of Realtors the Pending Home Sales Index fell slightly in June by 0.4% compared with the prior month to 110.9. However, the reading for May was revised most of all – from 112.3 to 111.3 – when the index reached 6-year high. Dallas Fed Manufacturing Index also decreased to 4.4 in July against 6.5 in June and forecasted 7.3 – new orders and production have dropped.

 The pound was traded downwards amid the Bank of England lending report release. Despite the Central Bank efforts to facilitate lending conditions, mortgage approvals suddenly dropped to 57.7 thousand against the forecast of 59.7 thousand and May reading of 58.1 thousand. Despite mortgage approvals growth, consumer credits were rising at a slower rate in June to Publication source

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